Axel A. Weber

Axel Alfred Weber (born 8 March 1957) is a German economist, professor, and banker. He is currently a board member and chairman of Swiss investment bank and financial services company, UBS Group AG.[1]

Axel A. Weber
7th President of the German Bundesbank
In office
30 April 2004 – 30 April 2011
Preceded byErnst Welteke
Succeeded byJens Weidmann
Personal details
Born (1957-03-08) 8 March 1957
Kusel, West Germany
NationalityGermany
Alma materUniversity of Siegen
University of Konstanz
OccupationEconomist, Professor, Banker

He was the president of the Deutsche Bundesbank and a member of the European Central Bank Governing Council from 30 April 2004 to 30 April 2011.[2] He is also a member of the Group of Thirty.[1]

Early life and education

Weber was born in Kusel, Germany.[3] He studied economics and public administration at the University of Constance from 1976 to 1982 and graduated with a master's degree (Diplom) in economics.[4][5]

After obtaining a Dr. rer. pol. in economics from the University of Siegen,[5] Germany in 1987, Weber pursued his scientific studies abroad at the University of London and Tilburg University. Between 1992 and 1993, Weber spent an academic year in Washington, D.C. while teaching.[3] In 1994, Weber received his habilitation in Economics from the University of Siegen.[6] He also holds honorary doctorates from the University of Duisburg-Essen[5] and the University of Konstanz.[4]

Career

From 1982 to 1988 Weber worked as research assistant in the field of monetary economics at the University of Siegen and was awarded a Doctorate in 1987.[7] After gaining his habilitation at the University Siegen in 1994, he was appointed Professor of Economic Theory at the University of Bonn, and moved to the Goethe University Frankfurt in 1998.[8][9] He was also the Director of the Center for Financial Studies in Frankfurt am Main from 1998 to 2001[7] and of the Center for Financial Research at the University of Cologne from 2001 to 2004.

In 2001 Weber was appointed Professor of International Economics at the University of Cologne, and from 2002 to 2004 he was a Member of the German Council of Economic Experts.[10] From 2002 until 2011 he was a member of the expert advisory panel to the Deutsche Bundesbank.[7]

Bundesbank

Weber was appointed President of the Deutsche Bundesbank by the German finance minister Hans Eichel as successor of the resigning Ernst Welteke,[6] and elected as a member of the Governing Council of the European Central Bank in 2004.[7]

In this capacity, Weber also served on the Board of Directors for the Bank for International Settlements (BIS),[1] as German governor of the International Monetary Fund and a member of the G7 and G20 Ministers and Governors during this time. From 2010 to 2011 he was also a member of the Steering Committees of the European Systemic Risk Board and the Financial Stability Board.

On 9 February 2011, Weber announced his resignation from his chairmanship of the Bundesbank, effective 30 April 2011, a year before the expiry of his term of office.[11] The move was seen as throwing open the candidacy for president of the European Central Bank to others to succeed Jean-Claude Trichet starting 1 November 2011.[12]

University of Chicago

From 2011 to 2012 Weber was a visiting professor at the University of Chicago Booth School of Business.[13][14] As visiting professor, he taught two three-hour sessions of the course "Central Banking: Theories and Facts" on Mondays, in fall 2011.[15] He attended the Federal Reserve Bank of Kansas City's Economic Policy Symposium in Moran near Jackson Hole, Wyoming, in summer 2011.

UBS AG

Weber was elected to the Board of Directors of the Swiss bank UBS AG at the 2012 AGM held on 3 May 2012 and of UBS Group AG in November 2014. He succeeded Kaspar Villiger as chairman of the Board of Directors.[16] His appointment was announced in mid-2011, when Villiger had been expected to retire in 2013.[2]

Weber has chaired the Governance and Nominating Committee since 2012 and became Chairperson of the Corporate Culture and Responsibility Committee in 2013.[5]

Other activities

Regulatory agencies

Non-profit organizations

Recognition

In late 2015, Weber was awarded the title of "European Banker of the Year 2014" in Germany by the International Association of Economic Journalists called the Group of 20+1.[28] In the same year, Weber was also awarded the first Prix Marjolin Prize by the SUERF Council of Management.[29]

Selected works
  • Weber, Axel A. (1988). Neue Klassische Makroökonomie, rationale Erwartungen und kontemporäre Information: Theoretische Analyse, ökonometrische Testprobleme und empirische Evidenz für die Bundesrepublik Deutschland unter Verwendung des Kalman-Filters. Schriften zurangewandten Ökonometrie. Heft 20. Frankfurt am Main: Verlag Haag & Herrchen. ISBN 3-89228-266-8.
  • Weber, Axel A.; Agénor, Pierre-Richard; Miller, Marcus; Vines, David, eds. (1999). The Asian Financial Crisis: Causes, Contagion and Consequences. Cambridge University Press.
  • Weber, Axel A.; Artis, Michael, eds. (1999). The Euro: A Challenge and Opportunity for Financial Markets. Routledge.
  • Weber, Axel A. "Monetary Policy and Credibility: Theories and Facts". Mimeo.

References
  1. "Current Member Biography. Axel A. Weber, Chairman, UBS". Group of Thirty. Retrieved 26 July 2016.
  2. Logutenkova, Elena (1 July 2011). "Axel Weber To Succeed UBS Chairman Villiger In 2013 After Bundesbank Role". Bloomberg. Retrieved 26 July 2016.
  3. "Axel Weber - Biografie WHO'S WHO". www.whoswho.de. Retrieved 24 January 2017.
  4. "Prof. Dr. Axel Weber erhält die Ehrendoktorwürde der Universität Konstanz". Universität Konstanz. Archived from the original on 4 March 2016. Retrieved 26 July 2016.
  5. "UBS Group AG Corporate bodies. Axel A. Weber". UBS. Retrieved 26 July 2016.
  6. "Executive Profile. Axel A. Weber Ph.D." Bloomberg Businessweek. Retrieved 26 July 2016.
  7. "Der Vorstand der Deutschen Bundesbank. Prof. Dr. rer. pol. Dr. h.c. Axel A. Weber". Deutsche Bundesbank. Bundesbank.de. Retrieved 26 July 2016.
  8. "Professor Dr. Axel A. Weber. Curriculum Vitae". Goethe University Frankfurt. Retrieved 26 July 2016.
  9. "Curriculum Vitae von Professor Dr. Axel A. Weber" (PDF). Goethe University Frankfurt. Retrieved 26 July 2016.
  10. "Mr Axel A. Weber,Chairman of the Board of Directors, UBS". European Financial Services Round Table. efr.be. Retrieved 26 July 2016.
  11. Christian Vits, Simon Kennedy (11 February 2011). "Weber To Leave Bundesbank In April, Throwing Race For ECB Chief Wide Open". Bloomberg. Retrieved 26 July 2016.
  12. Jana Randow, Christian Vits, Jeff Black (9 February 2011). "Weber Throws ECB Race Open by Ruling Out Second Bundesbank Term". Bloomberg. Retrieved 26 July 2016.
  13. "CV Axel A. Weber". global. Retrieved 24 January 2017.
  14. "Axel Weber, Bundesbank President, To Join Faculty at the University of Chicago Booth School of Business". www.chicagobooth.edu. Retrieved 24 January 2017.
  15. Reddy, Sudeep (19 July 2011). "Axel Weber's MBA Course 'Draws Heavily from Current Events'". 2016 Dow Jones & Company, Inc. The Wall Street Journal. Retrieved 26 July 2016.
  16. "Results Of The Annual General Meeting Of UBS AG". HFT Review Limited 2011-2014. The Trading Mesh. 3 May 2012. Archived from the original on 9 March 2016. Retrieved 26 July 2016.
  17. Board of Directors: Axel A. Weber UBS.
  18. Board of Directors: Axel A. Weber UBS.
  19. International Advisory Panel Monetary Authority of Singapore.
  20. Distinguished Fellows Center for Economic and Policy Research (CEPR).
  21. IIF Board Elects Axel A. Weber as New Chairman Institute of International Finance (IIF), press release of October 6, 2016.
  22. "Board of Directors | The Institute of International Finance". www.iif.com. Archived from the original on 26 November 2015. Retrieved 24 January 2017.
  23. Berlin, DIW (1 March 2007). "DIW Berlin: Board of Trustees". www.diw.de (in German). Retrieved 25 January 2017.
  24. Council for the Future of Europe Berggruen Institute.
  25. 2017 Annual Report European Financial Services Roundtable (EFR).
  26. "Department of Economics - Advisory Board". University of Zurich. Retrieved 26 July 2016.
  27. ""Finanzdepartement setzt "Beirat Zukunft Finanzplatz" ein"". admin.ch. 27 March 2015. Retrieved 26 July 2016.
  28. ""Banker of the Year": Axel Weber in Frankfurt geehrt". Handelsblatt. 16 November 2015. Retrieved 26 July 2016.
  29. "SUERF Marjolin Prize". SUERF The European Money and Finance Forum. Retrieved 29 October 2019.
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